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Corporate Communications Department
Textron Reports First Quarter 2018 Income from Continuing Operations of $0.72 per Share; Signs Agreement to Sell Tools & Test Business for $810 Million
· Income from continuing operations of $0.72 per share
· Segment profit $279 million
· Operating margin of 8.5%, up from 7.1% a year ago
· $344 million returned to shareholders through share repurchases
· Agreement to sell Tools & Test business for $810 million
Providence, Rhode Island April 18, 2018 Textron Inc. (NYSE: TXT) today reported first quarter 2018 income from continuing operations of $0.72 per share. This compares to $0.37 per share in the first quarter of 2017, or $0.46 per share of adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release.
Increased revenues reflected growth at Industrial, Bell, and Textron Aviation, with lower revenues at Textron Systems, consistent with our expectations, said Textron Chairman and CEO Scott C. Donnelly. Operationally we achieved significant margin improvements at Textron Aviation and Textron Systems over this quarter last year and sustained margin strength at Bell, reflecting strong performance in these segments.
Net cash used by operating activities of continuing operations of the manufacturing group for the first quarter totaled $53 million, compared to $165 million in last years first quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, reflected a use of cash of $158 million compared to $227 million during last years first quarter.
In the quarter, Textron returned $344 million to shareholders through share repurchases, compared to $186 million in the first quarter of 2017.
Today, Textron announced that it has reached a definitive agreement to sell its Tools & Test business to Emerson, a global technology and engineering company, for approximately $810 million in cash.
Included in the sale are all the Textron Tools & Test businesses and brands Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly, and Endura. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close during the third quarter of 2018. Proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale.
The following information was filed by Textron Inc (TXT) on Wednesday, April 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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